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    cosmogirl's Avatar
    cosmogirl Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Mar 13, 2008, 09:37 AM
    Can someone look over my answer and let me know if it looks correct
    Gross sales 38640
    Less: sales return and allowance 418
    Sales discount
    Net sales 38222
    Cost of goods sold:
    Inventory beginning Jan,01 6040
    Purchases 20324
    Add: transport in 714
    Total 27078
    Less: purchase return and allowance 512
    Purchase discount 103
    Net cost of purchase 20423
    Cost of goods available 26463
    Less inventory ending dec.31 7220
    Cost of goods sold 19243
    Gross profit on sales 18979
    Operating expenses:
    Allowance for doubtful accounts expense 113
    Interest expense 60
    Depreciation expense 320
    Insurance expense 126
    Supplies expense 80
    Salaries expense 4840
    Rent expense 2100
    Miscellaneous 980
    Net Income 10360
    Add: interest income 46
    Net Income 10406
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
    Full Member
    		  
    #2

    Mar 13, 2008, 10:41 AM
    Take out this one, it's balance sheet account. Allowance for doubtful accounts expense 113.
    Interest expense can go with interest income and get a net.

    The rest are fine.
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